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Nov 21, 2012
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and that's made it impossible to reach a deficit reduction deal, until now. "the new york times" has an article in which republican after republican after republican goes on the record by name dismissing his pledge and his power. peter king says a pledge is good at the time you sign it. in 1941 i would have voted to declare war on japan. but each congress is a new congress and you can't have a rule that you're never going to raise or lower taxes. i don't want to rule anything out. senator of georgia said, i'm frankly not concerned about the norquist pledge. senator john mccain said fewer and fewer people are signing this "pledge." it's actually a pledge, but any way. senator coburn called it "a tortured vision of tax purity." and it did you want end there in that article. bill crystal said this. >> let's have a serious debate. don't scream and yell when one person says, it won't kill the country if we raise taxes on millionaires. i don't understand why republicans don't take obama's offer. >> a calmist at the national review wrote, as a matter of political st
and that's made it impossible to reach a deficit reduction deal, until now. "the new york times" has an article in which republican after republican after republican goes on the record by name dismissing his pledge and his power. peter king says a pledge is good at the time you sign it. in 1941 i would have voted to declare war on japan. but each congress is a new congress and you can't have a rule that you're never going to raise or lower taxes. i don't want to rule anything out....
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Nov 26, 2012
11/12
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at how we reform our entitlements because health care costs continue to be the biggest driver of our deficits. >> reporter: mr. obama has insisted that in any deal, tax rates on the wealthy must rise. but a top democrat signaled openness to the republican stance. revenue can be raised by closing loopholes and limiting deductions. >> they have to go up either real tax rates or effective tax rates. there's ways of doing that. >> reporter: with the clock ticking and markets getting nervous, talks begin again this week amid tentative steps toward common ground. >> we can't go off the fiscal cliff. we have to show the world we're adults. the election is over. >> nbc's mike viqueira reporting. >>> overseas to egypt where the country's newly elected leader has granted himself unchecked power sparking days of clashes and sending the country's stock market into a freefall. our reporter is in cairo with the very latest. ayman, good morning. >> reporter: good morning. egypt's stock market opened for a second straight day, and it plunged already by 4%. now, that's already a day after it lost 10%, and off
at how we reform our entitlements because health care costs continue to be the biggest driver of our deficits. >> reporter: mr. obama has insisted that in any deal, tax rates on the wealthy must rise. but a top democrat signaled openness to the republican stance. revenue can be raised by closing loopholes and limiting deductions. >> they have to go up either real tax rates or effective tax rates. there's ways of doing that. >> reporter: with the clock ticking and markets...
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Nov 23, 2012
11/12
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so if you're trying to get deficit reduction the affordable care act actually helps with deficit reduction. it doesn't hurt it. so, you know, again i think this is just posturing right now. we have so much common ground. this is the scary thing. we agree on the taxes shouldn't go up on 98% of the american people. we agree that these across the board spending cuts should not go in effect because they woxquld damage the economy. all we're fighting over now is tax rates on the top 2% of earners. this seems like something seems as if also based on what i've read and listening to the president and speaker boehner, it also seems as if both sides are trying to position themselves alluded to bases, trying to position themselves to save some face with their respective bases. trying to figure out how they keep the rates intact but also generate more revenue. you alluded to it. i want to put up a screen here. a full screen but "the new york times" reporting today, one suggestion being floated increasing taxes, keeping the rates the same meaning, for instance, that the entire of someone making 400,000
so if you're trying to get deficit reduction the affordable care act actually helps with deficit reduction. it doesn't hurt it. so, you know, again i think this is just posturing right now. we have so much common ground. this is the scary thing. we agree on the taxes shouldn't go up on 98% of the american people. we agree that these across the board spending cuts should not go in effect because they woxquld damage the economy. all we're fighting over now is tax rates on the top 2% of earners....
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Nov 25, 2012
11/12
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this agreement cuts the deficit by $1 trillion. we look forward to the work on the committee to make sure that the millionaires and billionaires and people with those yachts will have tax benefits, but that is in the mix of thinking what is going on. mr. schumer will talk about this in a moment with the jobs agenda that we have. we will make sure that america pays their bills, and make certain that all americans -- make sure that all americans pay theirs. >> we have averted a crisis in america has avoided defaulting on the national debt. the fears and concerns of americans across the board were considered by this congress, and as a result we have come together on a bipartisan basis. the down payment on the deficit included on this bill comes primarily from working families and those that were struggling in america. we will bring everyone together for shared sacrifice. we have a particular responsibility there. with $1.50 trillion, to make sure that when we do this, we do this in a fair and just manner for all of the people in ameri
this agreement cuts the deficit by $1 trillion. we look forward to the work on the committee to make sure that the millionaires and billionaires and people with those yachts will have tax benefits, but that is in the mix of thinking what is going on. mr. schumer will talk about this in a moment with the jobs agenda that we have. we will make sure that america pays their bills, and make certain that all americans -- make sure that all americans pay theirs. >> we have averted a crisis in...
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Nov 25, 2012
11/12
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what would have happened if we hadn't allowed the deficit to increase and when you try to tear -- do the herbert hoover kind of policy slash, cut back expenditures and revenue went down. we did that experiment. the ecb and europe have been forcing out on greece. we saw two things about that. one, it was led to historic oppression and the other was the deficit doesn't get down as much as anybody hopes. i am surprised that they are surprised. because it was perfectly anticipated that they would fail. >> thank you for the opportunity for asking this question. my question is on a different topic, but it relates to the kind of economic ideas that some u.s. groups have been promoting abroad. i'm an international student from georgia and the summer i went back and went to an economics camp which surprisingly was funded by the tea party organization and they were promoting libertarianism among georgia students. there has been an emergence of orthodox economists back home, which has led to deregulation, less taxes but also an increase of inequality. so my question is, how do you discuss alter
what would have happened if we hadn't allowed the deficit to increase and when you try to tear -- do the herbert hoover kind of policy slash, cut back expenditures and revenue went down. we did that experiment. the ecb and europe have been forcing out on greece. we saw two things about that. one, it was led to historic oppression and the other was the deficit doesn't get down as much as anybody hopes. i am surprised that they are surprised. because it was perfectly anticipated that they would...
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Nov 28, 2012
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i think that, you know, if we cut the budget, if we cut the deficit and raise taxes, i don't think that's the worst thing in the world. as warren buffett has been saying for the last 24 hours, are you really going to turn down a good investment opportunity just because the tax rates are a little higher in we're talking about a minor 4 percentage point increase in the upper end of the tax rate here. it's not life or death. you know, cutting the deficit and raising taxes, if they can't agree, which congress has shown themselves inability to agree. if they're not going to agree, maybe it's not the worst thing in the world for tax rates to go up and for the deficit to be cut. i think that could result in a big economic boom. >> wow. >> and then, let's say two weeks after we go over the cliff, after the 1st of january, they then cut attacks for everybody -- >> but here's the problem with that notion. it's not fine. but, john, it's not fine because a lot of ordinary middle class people -- >> that's the problem. >> -- are trying to spend money at christmas and they're deeply anxious about what's
i think that, you know, if we cut the budget, if we cut the deficit and raise taxes, i don't think that's the worst thing in the world. as warren buffett has been saying for the last 24 hours, are you really going to turn down a good investment opportunity just because the tax rates are a little higher in we're talking about a minor 4 percentage point increase in the upper end of the tax rate here. it's not life or death. you know, cutting the deficit and raising taxes, if they can't agree,...
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Nov 25, 2012
11/12
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it gives the persistent trade deficit. we used to not have one and now we do, and it is a big drag on the economy. the trade deficit is significantly down. we have had some -- the u.s. has actually become more competitive, but that's a front on which we need to work. there is a -- the trouble is the political debate has not kept up with the reality. at it all about china. actually, china is no longer the core of that. it's a much broader set of countries. those need to be work on. i hope the next president, instead of not just crude china bashing but what to do to have a world that is no -- we don't have everybody trying to run a trade surplus, which the germans believe is possible but the rest of us don't. then the issue of trade and income inequality, and a lot of -- used to be we traded with countries that were similar. and that presumably had relatively effect on income. if you make -- if you send auto parts to canada and conditioned sends assembled cars back to the ute, that knowing going to make a difference. that it
it gives the persistent trade deficit. we used to not have one and now we do, and it is a big drag on the economy. the trade deficit is significantly down. we have had some -- the u.s. has actually become more competitive, but that's a front on which we need to work. there is a -- the trouble is the political debate has not kept up with the reality. at it all about china. actually, china is no longer the core of that. it's a much broader set of countries. those need to be work on. i hope the...
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Nov 27, 2012
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it's all about the deficit. he's not interested in people's suffering. he's interested in the deficit. that's where his focus is. >> that's exactly right. and he's not interested in the argument that perhaps for a stronger economy we need to care about the middle class and if we keep chopping them off at the knees, there's not going to be anybody to buy the products from the companies they're investing in. >> ari, we know the president when he was in the midst of that negotiation of a grand bargain with speaker boehner, he contemplated the prospect of raising the age at which it would trigger entitlements, particularly for social security. do you think this time around he'll do the same or do you think progressives will hold him to account on that and say no, no way? >> i'm concerned about it, and i think the problem is the red lines on the left side of this debate are not as clear as the ones on the right. you know, everyone spent a lot of time worrying about whether grover norquist is happy. but the fact of the political ecology in washington is there
it's all about the deficit. he's not interested in people's suffering. he's interested in the deficit. that's where his focus is. >> that's exactly right. and he's not interested in the argument that perhaps for a stronger economy we need to care about the middle class and if we keep chopping them off at the knees, there's not going to be anybody to buy the products from the companies they're investing in. >> ari, we know the president when he was in the midst of that negotiation of...
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Nov 28, 2012
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that's thanks to an oil and gas boom that wiped out its budget deficit and brought unemployment to the lowest in the nation. >>> coming up, a basketball round up. and remembering the man who transformed baseball. plus new york city's iconic empire state building shows off some new high tech lighting. ♪ if it wasn't for you ♪ don't know what i'd do ♪ i'd have nothing to prove ♪ i'd have nothing to lose ♪ i'd be all lost at sea ♪ with no reason to make it through ♪ [ male announcer ] introducing the celebration diamond collection. ♪ if it wasn't for you [ male announcer ] diamonds so expertly cut, we guarantee them for life. zales is the diamond store. let love shine. . >>> just a tragedy in new york last night as a commuter bus plow the into a long island home and killed a 6-year-old boy inside. the bus had swerved to avoid a pedestrian when it lost control. at least nine bus passengers were treated for injuries. >>> to georgia where a similar accident almost killed a toddler inside a family's jewelry store. this 18 month old ran into his father's office just seconds bef
that's thanks to an oil and gas boom that wiped out its budget deficit and brought unemployment to the lowest in the nation. >>> coming up, a basketball round up. and remembering the man who transformed baseball. plus new york city's iconic empire state building shows off some new high tech lighting. ♪ if it wasn't for you ♪ don't know what i'd do ♪ i'd have nothing to prove ♪ i'd have nothing to lose ♪ i'd be all lost at sea ♪ with no reason to make it through ♪ [ male...
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Nov 29, 2012
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the president's message >>> if we get this part of it right, a lot of the other issues surrounding deficit reduction are going to be a whole lot easier. if we get this wrong, the economy is going to go south. we don't have a lot of time here. we have a few weeks to get this thing done. we could get it done tomorrow. optimistically, i don't think we are going to get it done tomorrow. >> the white house is using all social media resources to get the message out and put pressure on the republicans. >> today, i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an e-mail, post it on their facebook walls. you can tweet it using the hash tag my 2 k, not y2 k. >> the president was laughing about you the strategy, seriously effective. the my2k was one of the top trends on twitter all day long. republicans aren't too happy. they are getting outflanked. >> if the president wants to reach an agreement, he n
the president's message >>> if we get this part of it right, a lot of the other issues surrounding deficit reduction are going to be a whole lot easier. if we get this wrong, the economy is going to go south. we don't have a lot of time here. we have a few weeks to get this thing done. we could get it done tomorrow. optimistically, i don't think we are going to get it done tomorrow. >> the white house is using all social media resources to get the message out and put pressure on...
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Nov 27, 2012
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how is he going to close the other part of that deficit? you know, his proposal right now, the most he can say would raise would be about $68 billion when our deficit last year was $90 billion. what is the president's plan for closing the additional additional $1 trillion worth of deficit? i think that's incumbent on the president to put forward his plan. >> from your standpoint alone, there's no way you see fit in the coming 35 days that you would break that pledge with glove norquist. >> well, thomas, let's use a couple numbers here. even with this measly economic growth we've seen the last three years, revenue at the federal government has increased $344 billion per year. if we just return to a normal economy that returns about 18.5%, that would increase revenue an additional over $400 billion per year, that's $750 billion of revenue per year through economic growth. and the president, his proposal would raise 1/10 of that but would put at risk the economic growth and that $750 billion. so -- >> sir, with all due respect, though -- >> co
how is he going to close the other part of that deficit? you know, his proposal right now, the most he can say would raise would be about $68 billion when our deficit last year was $90 billion. what is the president's plan for closing the additional additional $1 trillion worth of deficit? i think that's incumbent on the president to put forward his plan. >> from your standpoint alone, there's no way you see fit in the coming 35 days that you would break that pledge with glove norquist....
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Nov 28, 2012
11/12
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reporter: our allegedly tragic trillion dollar annual budget deficits. swelling our supposedly unsustainable $16 trillion national debt. more borrowing, it's said, means the proverbial road to ruin. some think then that the fiscal cliff slash spending and taxes is not economic suicide but the very opposite. the last resort for avoiding a fatal whirlpool of debt. so what about more debt? will it destroy us or won't it? how bad would it be to barrel over the cliff? enter former i.m.f. economist simon johnson of m.i.t. he's written a book, white house burning, on the history of u.s. debt, its why's and wherefors and get this its considerable virtues. we asked if he could provide a tv version. the answer was a mobile history lesson. starting at the museum where every 15 minutes they re-enact the dumping that helped make a town famous and a group of contentious colonies united. so to begin you're in boston. what's your fundamental thesis? >> the american republic is born partially in a tax revolt. this is the at a party site where they threw the at a over bec
reporter: our allegedly tragic trillion dollar annual budget deficits. swelling our supposedly unsustainable $16 trillion national debt. more borrowing, it's said, means the proverbial road to ruin. some think then that the fiscal cliff slash spending and taxes is not economic suicide but the very opposite. the last resort for avoiding a fatal whirlpool of debt. so what about more debt? will it destroy us or won't it? how bad would it be to barrel over the cliff? enter former i.m.f. economist...
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Nov 29, 2012
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deficits that are unsustainable. i hope at the end of this year that -- congress will extend the middle class for 98% of americans, but let the tax cuts on that 2% expire. host: william mcbride, is the payroll tax cut a side issue? guest: it was front and center a year ago. it was debated in stages. we had a two month extension last year at this time. we had a protracted debate that picked up again in february and was extended again for the rest of the year. that was an major push by the president. it is a major deal. it is more than $100 billion a year, the estimate is $125 billion a year. that is more than 10% of the deficit. these are big numbers. it is an unprecedented policy, to start it two years ago and prior to that time -- the first time it was passed it was for one year. it was debated again last year. we did not play around politically with the payroll tax to much. nothing like we did with the income tax. it is rather unprecedented, cuts in to a program that was posted a dedicated to social security -- sup
deficits that are unsustainable. i hope at the end of this year that -- congress will extend the middle class for 98% of americans, but let the tax cuts on that 2% expire. host: william mcbride, is the payroll tax cut a side issue? guest: it was front and center a year ago. it was debated in stages. we had a two month extension last year at this time. we had a protracted debate that picked up again in february and was extended again for the rest of the year. that was an major push by the...
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Nov 26, 2012
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we can grow our way out of debts and deficits. we've got a ginormous economy. we had a huge black friday weekend. probably $600 billion for the total shopping over the holidays. the question is, as we get close and getting into december, if it looks like talks are breaking down and we have the same old lines on no tax increases for the wealthy versus no spending cuts at all on the left on social security or medicare, then you get people getting nervous. the markets get service, the markets sell off, we have a problem. if we go into january and there's the basic broad outlines of a deal that we can retroactively fix some of these tax rates, extend unemployment benefits, if that is the general tenor of things going into december we'll be fine and we'll get a deal in january and go ahead. but if it's more of the same politics as usual, you're going to see spending get cut down. people are going to get nervous and businesses are concerned about the long-term outlook. >> let me bring back eamon on that point. do the markets care when you see the ceos and some of the
we can grow our way out of debts and deficits. we've got a ginormous economy. we had a huge black friday weekend. probably $600 billion for the total shopping over the holidays. the question is, as we get close and getting into december, if it looks like talks are breaking down and we have the same old lines on no tax increases for the wealthy versus no spending cuts at all on the left on social security or medicare, then you get people getting nervous. the markets get service, the markets sell...
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Nov 21, 2012
11/12
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the majority of the american people want deficits and jobs are going head to head which they are, if you're cutting spending an raising taxes particularly on the people who spend their money in the economy immediately. the american people want jobs two to one. and so this is going to be the real challenge for us to sort of navigate this obstacle course and get squarely back on the issue of jobs to make sure that we're actually spending more in the short term and, you know, if you read the tea leaves with bernanke he's saying what he doesn't want is any immediate austerity that includes spending cuts as well as just tax increases. >> ben, do you agree with that sort of view, as ben bernanke as a secret liberal? >> i mean -- >> he's trying to fix the economy. >> i don't think there's any disagreement, nobody who's pro cliff, the framing of it and the whole idea was that this was something so horrific they would be forced to negotiate in good faith and reach a deal before it. i do think -- you're right. it does cast into relief the pretty broad consensus that immediate austerity is not
the majority of the american people want deficits and jobs are going head to head which they are, if you're cutting spending an raising taxes particularly on the people who spend their money in the economy immediately. the american people want jobs two to one. and so this is going to be the real challenge for us to sort of navigate this obstacle course and get squarely back on the issue of jobs to make sure that we're actually spending more in the short term and, you know, if you read the tea...
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Nov 22, 2012
11/12
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but state and local governments are also dealing with massive deficits. each state has a slightly different story, but across the country, there is a common theme. in many state houses, expenditures are outpacing income, and public pension obligations are drastically underfunded. as we reported in december 2010, some believe a day of reckoning is at hand for many states that could require another big bailout package. >> the most alarming thing about the state issue is the level of complacency. >> meredith whitney is one of the most respected financial analysts on wall street. she made her reputation by warning that the big banks were in big trouble long before the 2008 collapse. now she's warning about a financial meltdown in state and local governments. >> it has tentacles as wide as anything i've seen. i think, next to housing, this is the single most important issue in the united states and certainly the largest threat to the u.s. economy. >> why aren't people paying attention? >> 'cause they don't pay attention until they have to. >> whitney says it's
but state and local governments are also dealing with massive deficits. each state has a slightly different story, but across the country, there is a common theme. in many state houses, expenditures are outpacing income, and public pension obligations are drastically underfunded. as we reported in december 2010, some believe a day of reckoning is at hand for many states that could require another big bailout package. >> the most alarming thing about the state issue is the level of...
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Nov 28, 2012
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budget deficit was $200 billion. now it's a trillion. how can you say nothing has changed? he acknowledged things have changed, but he's trying to stick to his principles so when i talked to him about his relevance and whether he was like frosty the snowman and feeding away from us before our eyes with each sound bite like the ones we've been seeing on your show, he said i'm for lower taxes that gives me job security. people will always think their taxes are too high. but we saw today, andrea, is a real operator. you've covered him for years. he has a $7 million operation. a full-time staff. they spend a lot of money in campaigns. he wants to stay a player. and he wants these members to listen to him and to do that, he has to have this opening. so what he's saying is congruent with our reporting which is that there's more going on behind the scenes than there is in the camera and i can clearly see a way for there to be a deal by as the president said today, by christmas, andrea as you know, december 23rd what they think of as the real deadline up there and i see signs that
budget deficit was $200 billion. now it's a trillion. how can you say nothing has changed? he acknowledged things have changed, but he's trying to stick to his principles so when i talked to him about his relevance and whether he was like frosty the snowman and feeding away from us before our eyes with each sound bite like the ones we've been seeing on your show, he said i'm for lower taxes that gives me job security. people will always think their taxes are too high. but we saw today, andrea,...
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Nov 25, 2012
11/12
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they all added revenues to deficit reduction. a significant amount of revenue. >> your colleague from georgia just this week said the following about that pledge not to raise any taxes. >> you know, that pledge i signed 20 years ago was valid then. it's valid now, but times have changed significantly.Ñi and i care more about this country than i do about a 20-year-old pledge. >> it is my view that the issue of taxes is the number one stumbling block to any kind of fiscal deal. that has to be resolved first before you can get to issues like sequestration. when you hear that from a colleague, does it say to you that there is room, and does the president do anything short of raising tax rates on the wealthy? is there anything short of that acceptable? >> well, you've got to raise additional revenues, including tax rates on the wealthy. >> those have to go up? >> they have to go up. there's ways of doing that. secondly, though, we've got to close some significant loopholes. for instance, the ones which allow too many corporations in
they all added revenues to deficit reduction. a significant amount of revenue. >> your colleague from georgia just this week said the following about that pledge not to raise any taxes. >> you know, that pledge i signed 20 years ago was valid then. it's valid now, but times have changed significantly.Ñi and i care more about this country than i do about a 20-year-old pledge. >> it is my view that the issue of taxes is the number one stumbling block to any kind of fiscal deal....
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Nov 29, 2012
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jobs went down, the deficit went up. we also know, reverend al, from the nonpartisan congressional office, that those tax breaks for the very wealthy people have virtually no impact on jobs and economic growth and that the proposals the president has made, both the middle class tax extension, plus his small business tax cut, taken together do a lot more than you would get in terms of job growth from providing the folks at the very top with this bonus tax break. so you've got to look at the president's entire plan, both the investment in our infrastructure as well as middle class tax relief and small business tax relief and that is the jobs plan for the future and no matter what republicans say, the reality is that at the end of the day they are looking out for the folks at the very top. we know from our own history. >> yeah. >> that history is bankrupt. >> and these are things we need. if you look at what hurricane did to new york and new jersey, we certainly need to work on the infrastructure. congressman chris van holl
jobs went down, the deficit went up. we also know, reverend al, from the nonpartisan congressional office, that those tax breaks for the very wealthy people have virtually no impact on jobs and economic growth and that the proposals the president has made, both the middle class tax extension, plus his small business tax cut, taken together do a lot more than you would get in terms of job growth from providing the folks at the very top with this bonus tax break. so you've got to look at the...
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Nov 28, 2012
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now we're facing debt and deficit. on the question of labour supply and investment of savings, it is hard to know what the rates would have been. but in general, tax rates to increase porges station in the labour market, particularly for women. there is every -- very strong evidence that lower tax rates make people save more prepared host: did it create jobs? guest: the tax policy itself does not create jobs. employers create jobs. there was a recession and at the bush administration in the beginning and one at the end. that continued into the obama administration. jobs come and go. at the moment, we have a significant job deficit. but i think if we look not just at the bush tax cuts in isolation, but the tax policy over the history of the united states and in other countries, we see the lower chart -- lower tax rates do contribute to getting jobs. host: ethan pollack, as did the bush tax cuts work? guest: they did work in the sense that they cost a lot of money and reduced surpluses. 80% of the debt added during the t
now we're facing debt and deficit. on the question of labour supply and investment of savings, it is hard to know what the rates would have been. but in general, tax rates to increase porges station in the labour market, particularly for women. there is every -- very strong evidence that lower tax rates make people save more prepared host: did it create jobs? guest: the tax policy itself does not create jobs. employers create jobs. there was a recession and at the bush administration in the...
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Nov 29, 2012
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without adding a dime to the deficit, by the way. in fact, if done right, tax reform will increase revenues by spurring growth, job creation and therefore bigger tax receipts. tax reform is both a fiscal and competitive necessity for our country. it has been more than 25 years since we substantially reformed the tax code. twice as long, about 50 years since we did a bottom-up review of our international tax laws. the world has changed a lot in that time period and yet america has not kept up. the underlying assumptions in our tax code are frankly out of step with the complexities of today's global economy. this is especially evident in our corporate tax code. on the domestic side of our corporate tax code, the u.s. has become the highest tax rate country among all the developed countries in the world. so canada just lowered their rate from 16.5% to 15%. our rate is 39.2% when you combine the state and federal burden. federal burden 35%. state burden closer to 5%, 6%. so right now, the average among all the developed countries in the
without adding a dime to the deficit, by the way. in fact, if done right, tax reform will increase revenues by spurring growth, job creation and therefore bigger tax receipts. tax reform is both a fiscal and competitive necessity for our country. it has been more than 25 years since we substantially reformed the tax code. twice as long, about 50 years since we did a bottom-up review of our international tax laws. the world has changed a lot in that time period and yet america has not kept up....
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Nov 26, 2012
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at how we reform our entitlements because health care costs continue to be the biggest driver of our deficits. >> reporter: mr. obama has insisted that in any deal, tax rates on the wealthy must rise. but a top democrat signaled openness to the republican stance. revenues can be risen by closing loopholes and deductions. >> they have to go up, real tax rates or effective tax rates. there's ways of doing that. >> reporter: with the clock ticking and markets getting nervous, talks begin again this week amid tentative steps toward common ground. >> we have to show the world we're adults. the election is over. >>> to overseas now, where egypt, the country's newly elected leader there has granted himself unchecked power. it's sparking days of violent clashes and sent the country's stock market into free fall. nbc's jim maceda joins us live now. good morning to you. >> good morning, lynn. it's a critical day for mohamed morsi, a former leader of the muslim brotherhood which began on thursday when he issued the decree putting all his decisions effectively above the law. he said he was doing that to
at how we reform our entitlements because health care costs continue to be the biggest driver of our deficits. >> reporter: mr. obama has insisted that in any deal, tax rates on the wealthy must rise. but a top democrat signaled openness to the republican stance. revenues can be risen by closing loopholes and deductions. >> they have to go up, real tax rates or effective tax rates. there's ways of doing that. >> reporter: with the clock ticking and markets getting nervous,...
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Nov 28, 2012
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>> well, they came over a week ago and can't remember the bush era because they grew the deficits. another thing was saying capito was for the patriot act and that upset the hard core conservatives. every republican senator vot
>> well, they came over a week ago and can't remember the bush era because they grew the deficits. another thing was saying capito was for the patriot act and that upset the hard core conservatives. every republican senator vot
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Nov 23, 2012
11/12
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week after the postal service announced a 15.9 billion in losses, the agency is trying to recoup the deficit. starting inep december 12th. they will follow ebay and amazon and walmart and offer same day delivery. the metro post ames to boost profits by taking advantage of holiday shoppers who get their hands on last-packages and the agency is teaming up with 8-10 retailers to offer it at a $10 flat rate fee. we know that customers will have to place their orders by two o'clock p.m. the latest and items will be delivered between four and eight the same day. they hope to generate 10-50 million. and it expected 20 percent jump in package volume which is more than the rivals. they will look to expand it in other major like new york, boston and chicago et cetera. the outlook is bleak even if it makes maxed profit. that is not enough to plug the budget hole and not taking boo - into the account to run the program. >> we are all pulling for the postal service. time right now. 17 after the hour. it was an iconic image of sandy. new york city crane twisted in half and damaging buildings and now busin
week after the postal service announced a 15.9 billion in losses, the agency is trying to recoup the deficit. starting inep december 12th. they will follow ebay and amazon and walmart and offer same day delivery. the metro post ames to boost profits by taking advantage of holiday shoppers who get their hands on last-packages and the agency is teaming up with 8-10 retailers to offer it at a $10 flat rate fee. we know that customers will have to place their orders by two o'clock p.m. the latest...
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Nov 22, 2012
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it actually increases the deficit in the long run, at least for states and local governments. and it takes the healthiest people, the youngest old, if you will, out of the medicare pool and leaves the medicare pool with the sickest oldest old. i mean, it's absolutely crazy policy and really mean. >> respond to that. isn't she right on the merits that you don't save anything when you force people to stay away from the hospital or doctor for a couple years? >> i completely agree with what joan said. if i had my druthers we would lower the eligibility rate because medicare is better than the private sector. here's another thing that i think should, i guess, sweeten the deal is one way to put it for progressives and i think it's important for the economy. let's also include a couple measures of jobs programs in a temporary 2013 measures to help -- to take advantage of some of this momentum we already have in our economy. fiscal relief to states, maybe something off the payroll tax holiday, maybe something on the unemployment insurance. you know, that's another way in which this de
it actually increases the deficit in the long run, at least for states and local governments. and it takes the healthiest people, the youngest old, if you will, out of the medicare pool and leaves the medicare pool with the sickest oldest old. i mean, it's absolutely crazy policy and really mean. >> respond to that. isn't she right on the merits that you don't save anything when you force people to stay away from the hospital or doctor for a couple years? >> i completely agree with...
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Nov 23, 2012
11/12
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the current situation, running annual deficits in the neighborhood of $1 trillion, it is quite clear there is going to have to be a whole range of things that is going to have to be done to get the whole -- the number down to something more palatable. host: pensacola, florida, republican. go ahead, laura perry -- laura. caller: first of all, if $1.20 trillion, right, it is over 10 years. is that a real cut or is it a cut in the projected increase? guest: it is a cut in the baseline, so the projected increase. a very good point. in one year, 2009, we increased spending by almost $1 trillion. it was not just a one-time shot. so, we can't cut it in one year's $60 billion -- in one year, $60 billion? we raised it $900,000,000,000.10 year? that is ridiculous. the military can cut $60 billion. social spending can cut $60 billion. these are projected increases, not cuts. guest: there is definitely a school of thought along these lines saying maybe it is not that huge and level of cuts. the people in the agencies will tell you it would have an immediate affect on their ability to provide ser
the current situation, running annual deficits in the neighborhood of $1 trillion, it is quite clear there is going to have to be a whole range of things that is going to have to be done to get the whole -- the number down to something more palatable. host: pensacola, florida, republican. go ahead, laura perry -- laura. caller: first of all, if $1.20 trillion, right, it is over 10 years. is that a real cut or is it a cut in the projected increase? guest: it is a cut in the baseline, so the...
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Nov 28, 2012
11/12
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we want deficit reduction that is big, bold, but balanced. as long as more republicans can agree with us on that we're willing to compromise with them and meet them halfway. >> sir, real quickly while i have you, it was announced in the last hour that the president is going to be hosting mitt romney for a private luncheon at the white house tomorrow. your reaction to that in light of that campaign finance call to supporters of mitt romney where he disbasically doubled down on the 47% remark? >> i think it's important for the president to reach out to as many people as possible. i didn't agree with mitt romney on much but some ideas he had were intriguing. i'm glad the president is reaching out to him and unifying america. we all need to stand behind the middle class and see where we can agree and act on that agreement. >> steve israel, great to have you on with us this morning. >> thanks. >> we have more heavy hitters coming up on the fiscal cliff on msnbc throughout the next day. next hour on "now" with alex wagner, she'll speak with senator
we want deficit reduction that is big, bold, but balanced. as long as more republicans can agree with us on that we're willing to compromise with them and meet them halfway. >> sir, real quickly while i have you, it was announced in the last hour that the president is going to be hosting mitt romney for a private luncheon at the white house tomorrow. your reaction to that in light of that campaign finance call to supporters of mitt romney where he disbasically doubled down on the 47%...
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Nov 26, 2012
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revenue, revenue that you get by asking higher income earners to pay a little bit more to reduce the deficit and so the president was really clear in the campaign and i think it is really important that he take that discussion to the country now because he has said to the congress, the president said to the congress, just extend immediately all the middle class tax cuts and then we can decide what to do with folks at the higher end. again, it is important to understand the president has proposed that everybody get continued tax relief, existing tax rates, on the first $250,000 of family income, so he says let's extend that for everybody right now, but he believes we should ask higher income individuals to pay a little bit more. >> house majority leader eric cantor was on morning joe talking about the grover norquist tax pledge and whether he like other republicans would be willing to jump ship. here is his answer. >> there is a lot that has been said about this pledge and i will tell you when i go to the constituents that have elected and re-elected me, it is not about that pledge. it really
revenue, revenue that you get by asking higher income earners to pay a little bit more to reduce the deficit and so the president was really clear in the campaign and i think it is really important that he take that discussion to the country now because he has said to the congress, the president said to the congress, just extend immediately all the middle class tax cuts and then we can decide what to do with folks at the higher end. again, it is important to understand the president has...
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Nov 21, 2012
11/12
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deficits and the u.s. in japan and an undervalued currency in china. think it's time to recommit with confidence to the three elements of a successful global economy, free trade, flexible exchange rates and a free flow of capital across borders based on open investment policy. i will give credit to the obama administration. they have been very good on investment. president obama was the first democrat in 30 years to put out an open invest a statement? why? because foreign direct investment creates jobs that are disproportionately export-oriented, disproportionately manufacturing oriented, and are 50 percent more likely to be unionized. this is capital we should be fighting for. we need to approach trade in the second among the term with that same degree of confidence going to the point that michael made. i think the world is ready to engage. the german chancellor proposed a trans-atlantic free trade agreement. at degrees to pick up on that the bill fourth. the trans-pacific partnership negotiated out in asia. the chinese followed closely. let's just pr
deficits and the u.s. in japan and an undervalued currency in china. think it's time to recommit with confidence to the three elements of a successful global economy, free trade, flexible exchange rates and a free flow of capital across borders based on open investment policy. i will give credit to the obama administration. they have been very good on investment. president obama was the first democrat in 30 years to put out an open invest a statement? why? because foreign direct investment...
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Nov 26, 2012
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the issue of taxes and deficit and spending cuts. you have had bipartisan commission slight simpson-bowles and others. it doesn't take rocket science to reach an agreement to get the deficit down. our system of government was set up to be contentious. we have something called separation of powers. we further complicate the situation because our congress twoo bodies.nto tebet bodie you turn up the brakes if you don't reach consensus. it only takes people a goodwill working together in a bipartisan way to get things done. it does it mean people have to give up on their partisan differences. pass to be's will served. they have to reach a compromise and consensus. i am optimistic and feel it will be done. host: you are a senior fellow at the bipartisan policy center. what is the role of the center right now? guest: the center was set up by the last four majority leader's, two republicans and two democrats, to try to reach common ground. it could be issues like housing, immigration, the debt, and others. the goal is to see if we can get p
the issue of taxes and deficit and spending cuts. you have had bipartisan commission slight simpson-bowles and others. it doesn't take rocket science to reach an agreement to get the deficit down. our system of government was set up to be contentious. we have something called separation of powers. we further complicate the situation because our congress twoo bodies.nto tebet bodie you turn up the brakes if you don't reach consensus. it only takes people a goodwill working together in a...
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Nov 29, 2012
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rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. >> the president has put forward in september of 2011 with his proposal to the so-called super committee and his budget of february of 2011 very specific spending cuts, including savings from health care entitlement programs. >> so one of the issues is, when you talk specifics and they become part of the public conversation, it's very easy for those things to get derailed in the time available where all the sides sort of clamber and attack some of the specifics. both parties have an interest in keeping some of this close to the vest. what we're hearing from senate democrats today is they believe that the election suggests that the public really wants those higher rates for the higher earners in terms of taxes. senator reid and other democrats don't want to talk about specific cuts or entitlement reforms publicly. everyone saying they don't want to negotiate from the podium. but everyone is aware it's the end of november. there isn't a lot of time left. and how quickly and how peacefu
rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. >> the president has put forward in september of 2011 with his proposal to the so-called super committee and his budget of february of 2011 very specific spending cuts, including savings from health care entitlement programs. >> so one of the issues is, when you talk specifics and they become part of the public conversation, it's very easy for those things to get derailed in...
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Nov 21, 2012
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we have a trillion dollar deficit, two-thirds of dodd-frank hasn't been written, etc., etc.. i haven't heard any solutions i think you are right you what to publish online. i think the transparency is great. but we have a real situation. this fiscal cliff especially when added to what's happening. what can be done positively to get in the deadlock where you stand up the taxes. >> yes we have a huge problem. a 5 trillion-dollar debt. >> we keep talking about the fiscal recovery being different. you go back into the century and they all recouped a lot faster than this one. obama and hoover both reacted in the same way to the recession which was more spending, higher taxes and regulations and obama and hoover and fdr who never did anything. i think there's a very serious damage done to the economy and to the world economy and the approaches bush took running up to this and that obama is put on steroids. this is in the middle of many problems to continue to not be ended. and the was a very big problem. to be much more serious about spending and it was in that way before. >> how d
we have a trillion dollar deficit, two-thirds of dodd-frank hasn't been written, etc., etc.. i haven't heard any solutions i think you are right you what to publish online. i think the transparency is great. but we have a real situation. this fiscal cliff especially when added to what's happening. what can be done positively to get in the deadlock where you stand up the taxes. >> yes we have a huge problem. a 5 trillion-dollar debt. >> we keep talking about the fiscal recovery being...
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Nov 26, 2012
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that's significant deficit reduction and you don't have to get into all this michigas as my grandma would say about which loopholes you're going to close. when you go that route you run into the same math problem mitt romney had. there's typically not enough revenue to make up for if the upper -- >> i have seen you do the experiment with the glass and it's wonderful. most americans think washington officials will behave like spoiled children, and warren buffett took the gop to school today, quote, let's forget about the rich and ultra rich going on strike and stuffing their ample funds under their mattresses if, gasp, capital gains rates and ordinary income rates are increased. the ultra rich, including me, says mr. buffett, will forever pursue investment opportunities. so he's calling for a minimum tax on millionaires and billionaires. will republicans listen? >> well, it's a sensible way. if we're going to have a deal, we will have to see some kind of compromise. a minimum tax on people making over $1 million a year can generate a half it trillion in a ten-year scale. if you include ded
that's significant deficit reduction and you don't have to get into all this michigas as my grandma would say about which loopholes you're going to close. when you go that route you run into the same math problem mitt romney had. there's typically not enough revenue to make up for if the upper -- >> i have seen you do the experiment with the glass and it's wonderful. most americans think washington officials will behave like spoiled children, and warren buffett took the gop to school...
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Nov 26, 2012
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we were elected to fix the problems to get the economy going again and to fix the deficit. well, the president got re-elected. we know at the end of this year taxes are going up on everybody. everybody. rich, poor alike. we have marginal rates across the spectrum going up as well as c cap gains, dividends. everything. this is the so-called fiscal cliff, right? so we know that is reality. the operation statute will by law make these rates go up. that's what's changed. we know that. so why would we want to punish folks to see their taxes go up? >> just to can cut through it, if you do nothing, taxes go up on everybody. >> everybody. everybody. and we do nothing to fix the problem so, again, even if all those taxes go up and we know it's like a $4 trillion eitem over ten years well, remember, how much are we spending more than we're taking in each year over a trillion dollars? so even if you raise all those taxes it does not fix your problem. which is, again, what's changed. the operation and the statute. so we're trying to make things better and say let's take this opportunit
we were elected to fix the problems to get the economy going again and to fix the deficit. well, the president got re-elected. we know at the end of this year taxes are going up on everybody. everybody. rich, poor alike. we have marginal rates across the spectrum going up as well as c cap gains, dividends. everything. this is the so-called fiscal cliff, right? so we know that is reality. the operation statute will by law make these rates go up. that's what's changed. we know that. so why would...
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Nov 23, 2012
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they do want the deficit cuts. you can't have it all, right? >> right. well, if you look at the exit polling, most were supportive of raising rates on the rich and that has been consistent throughout this election season. i'm bullish. i don't know if it's the turkey or the drink or the redskins victory yesterday affecting me here but i'm bullish that there will be a solution. you have three dynamics here at play. you have a president who is significantly stronger, i think, speaker boehner is stronger inside of his conference. you have republican governors, people like bill kristol who seem to be saying positive things, encouraging things on tax rates which provide a permission slip for republican legislators to be supportive. and then i think the tone inside of washington is markedly different than a year and a half ago on both sides. >> it can all come down to the wording, though, robert, and one of the sticking points remains revenue versus taxes. "the new york times" reports negotiators are looking heavily at the idea of making the wealthy pay more by
they do want the deficit cuts. you can't have it all, right? >> right. well, if you look at the exit polling, most were supportive of raising rates on the rich and that has been consistent throughout this election season. i'm bullish. i don't know if it's the turkey or the drink or the redskins victory yesterday affecting me here but i'm bullish that there will be a solution. you have three dynamics here at play. you have a president who is significantly stronger, i think, speaker boehner...
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Nov 27, 2012
11/12
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that's exactly what deficit reduction is. we're paying a little bit while we're healthy to protect against the likelihood, the small or great likelihood, we might have a debt crisis later. but my feeling is that now, that the economy is weak, growing at 1.8% for the last 24 months, we're not creating that many jobs, unemployment is still around 8%, the economy is still wheezing faintly. and when you're wheezing faintly, you need the strong medicine that high deficits offer. >> there's a lot of talk of the fear of the u.s. falling into the same hardships as europe. specifically greece. i want to play what senator lindsey graham had said about this. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece. >> okay. here's what you said in your article. deficit reduction takes economic activity out of the economy. if you want to see what austerity does to a weak private sector, just look at europe. which policies do you think would turn us into europe? how would that happ
that's exactly what deficit reduction is. we're paying a little bit while we're healthy to protect against the likelihood, the small or great likelihood, we might have a debt crisis later. but my feeling is that now, that the economy is weak, growing at 1.8% for the last 24 months, we're not creating that many jobs, unemployment is still around 8%, the economy is still wheezing faintly. and when you're wheezing faintly, you need the strong medicine that high deficits offer. >> there's a...
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Nov 24, 2012
11/12
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all likelihood, taxes are probably going to have to go up across the board simply to deal with the deficit and everything else out there, so if you're a democrat, are you happy or unhappy because once that train starts rolling, it could hit l middle class, which the democrats warn they won't touch. >> i mean, i'm definitely happy about it. it's thanksgiving and i'm very thankful right now for millions of americans who came out on november 6th and declared loudly that the tax reform in particular making especially the highest income americans, you know, actually paying their fair share of taxes. that that's a priority and something that should be pursued in context of the fiscal cliff. the train is rolling and i think it's nice to see even some republicans now eventually realizing that taxes in particular tax fairness, does need to be a substantial part of this fiscal debate. >> but you just skated around my question, which is that if you're going to have real tax reform, almost every economist says the middle class is going to pay more, too. how are democrats going to handle that? >> i thi
all likelihood, taxes are probably going to have to go up across the board simply to deal with the deficit and everything else out there, so if you're a democrat, are you happy or unhappy because once that train starts rolling, it could hit l middle class, which the democrats warn they won't touch. >> i mean, i'm definitely happy about it. it's thanksgiving and i'm very thankful right now for millions of americans who came out on november 6th and declared loudly that the tax reform in...